I am a bag... I mean shareholder here so I realize I'm shooting myself in the foot, but I can't help it. I knew this was a big risk based on all the bs leading up to this point but ignored the warnings & decided to take a chance.
Try to forget for a moment all the nonsense to updating the share structure and coming clean with OTC Markets. This post is about the "life changing app".
It is my opinion that "Accrue" is a worthless joke, unfortunately it makes this a legit scam. "Legit", since there is "something" related to banking, but a "scam" since they already knew it was worthless by virtue of zero funding interest a year ago.
I have gone thru the entire beta multiple times and read the sales pitch over & over. The description contradicts itself. I can not come up with a reason why ANYONE would want to use this app?
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Accrue was designed for the most need-based of income levels.
Most people at a “need based income level” can’t even think about having a savings account. I live in area where most people work multiple jobs just to make ends meet. A savings account pales in comparison to paying the rent.
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Users just need to know a few things to get started: how much is my net pay, and what’s my pay cycle?
What about “my bills”? There is nothing in the settings regarding income to debt. Does this mean if I net $500 per week I can save $500 per week? We also need to assume the user has their check automatically deposited via electronic transfer from their employer, right?
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For a while now I've been trying to help my girlfriend (now fiancé) save, but each time I urged her to save she would cannibalize her savings account.
Using the app, what prevents her from transferring money “out” of the savings account?
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The app uses change and compounds it using an exponential numeric value. Then every day thereafter- doubling the previous day's amount and depositing the funds in the user's savings account.
Can you imagine asking the cashier at your local Walmart if they would be “interested in an app that helps them save money by compounding change daily using an exponential numeric value for a pre-set number of days”?
I challenge anyone to ask somebody: “quick question, if you saved money everyday starting with a nickel and doubling it everyday, how much money would you save after 12 days”?
The answer is $204.75. (By the way, that is using the smallest factor of “2”, not the ridiculous factors of 3, or 4. But to take it to a more stupid level, if you set it at ONE PENNY with a factor of 4, after 12 days you would “save” $55,924.05! Awesome, right?) So if you could afford to save $204.75 in a 12 day period, and you actually do have a checking & savings account, why wouldn’t you use your bank’s existing system to setup an automatic transfer from checking to savings on each payday?
I started my career as a computer programmer/systems analyst. Moved on as an IT Consultant and finished as an IT Director of a small international manufacturing company. I rarely claim to be the smartest guy in the room but think I have a better than average understanding of computer based solutions. Maybe I'm missing something here, but I don’t think so? Anyone?
